At press time, bitcoin is trading for just over $11,100. While this isn’t as strong as where it stood earlier in the week, it’s still miles better than where it’s been in the past – particularly before April of 2019.
Bitcoin Has Corrected, but It’s Still Going Strong
As June comes to an end and we’re about to take our first step towards July, we can look at bitcoin’s behavior over these last 30 days and assume what may occur in the coming weeks. Bitcoin, as we all remember, was trapped in darkness for most of 2018. Let’s rephrase that – all of 2018. It was an uncomfortable sight, especially considering that the currency had reached its all-time high of nearly $20,000 just months prior around Christmas of 2017.
In November of 2018, the currency took a real nasty turn, dropping into the mid-$3,000 range after a controversial bitcoin cash hard fork took place that sent the granddaddy of crypto spiraling into oblivion. Things lasted this way for many months, and several traders and enthusiasts thought the end of bitcoin had finally arrived.
Nobody expected what occurred just five months later in April, when the currency rose to the $5,000 range.At first, many of us thought it was a hoax or fluke of some sort. After all, it had been a long time before bitcoin had even touched the $5,000 range. This was surely some sort of mistake, and it probably wouldn’t take long for the currency to fall back to where it was before.
But the opposite occurred. Instead, bitcoin rose to $6,000… then $7,000… then $8,000. Despite several obstacles that were still in its way (i.e. a Binance hack that saw more than $40 million in BTC units disappear overnight), the currency was on a role to get itself out of the gutter and return to trading in top form.
Enthusiasts and crypto investors everywhere exploded with joy at the thought that bitcoin would once again be trading in the five-figure range, and this later occurred in early June when the currency spiked beyond the $10,000 mark. From there, $11,000 and $12,000 respectively, until it finally peaked (for now) at the $13,000 range just a few days ago. Since then, it has undergone something of a correction and fallen back into the $11,000 range, but this isn’t something we should worry about just yet.
What Can We Expect Now?
After all, in May of this year, the currency rose to $9,000 temporarily before falling back down into the $7,000 range. It has since added more than $4,000 to its overall price, meaning that these corrections occur, especially when the rises happen so swiftly and without warning.
Granted bitcoin can retain this behavior, July is likely to give us even more spikes, and enthusiasts probably have a lot to look forward to. We saw gains of roughly $6,000 in June. Should this keep up, we could see bitcoin spike to $20,000 again much sooner than we all anticipated.